Yesterday, an anonymous reader accused me of being intellectually dishonest. My oil price chart didn't go back far enough and therefore missed the recent decline, which began after July 2008.Here is a longer chart. It illustrates the crash in prices during the second half of 2008. It also clearly points to the fact that oil prices are again creeping up.
4 comments:
Its got me goin' up and down....
There are ten oil tankers off shore now. I can see them from my house.
I've heard they're waiting for prices to go up before docking.
If you really want to see something intersting, plot the relative retail gasoline price on the same chart as the spot crude oil price for the last 10 years. The result makes a spectacular argument for the enforcement of ant-trust legislation.
I believe OIL could be the new global currency. Peak oil seems to have been forgotten about! Apparently it costs USD $70 to extract oil from deep oil wells in the sea, oil wells have closed down, and shipping is lying idle. I also believe that the USD may resume its former long term fall over the coming years,so a long term investment in CL in USD might be a good idea - or it might not! Any thoughts? Housing Bear
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